1Q2011 results - CLSA

Astra (ASII IJ) good and in line. Net Profit 1Q was Rp4.3tn, up 7% QoQ, 20% YoY. This came at 29% of our FY expectation, and 27% of consensus. Strong operational data from all divisions in 1Q (auto sales, heavy equipment sales etc), as can be seen in table below. The rise in net profit was also boosted by strong subsidiaries income. Maintain BUY. See attached for details.

Indofood CBP - in line. Revenues grew by 9% YoY, mostly driven by price increases to offset rising costs. Top line represents 23% of our forecast and 24% of consensus numbers respectively. Net profit up 17% YoY, 22% of our numbers and 24% of consensus. ICBP now trades at 20x 11CL PE and 18x 12CL PE. We have an O-PF rating on ICBP with target price offering 11% upside. See attached file.

London Sumatera (LSIP IJ) reports came in considerably ahead of our numbers and consensus forecast: Sales +73% to Rp1,176bn (27% of CL11 and consensus FY11). Operating profit+126% YoY to Rp528bn (30% of CL11, 32% of consensus FY11). Net profit +135% YoY to Rp394bn (28% of CL11, 29% of consensus FY11). Awaiting analyst comment.

Bank Tabungan (BBTN IJ) – in line, on the lower end. BTN 1Q11 net profit increased by 2% YoY to Rp245bn, representing 20% of 11CL estimates. Most metrics were weaker on a QoQ basis given the combination of seasonality and very strong 4Q10 earnings. See attached file.

Bukit Asama (PTBA IJ) - broadly in line. Results were up 108% YoY but 16% of our full year forecast. Not out of line, we wont be making any adjustments to our forecasts. First quarter volumes are seasonally low due to the rainy season. Remain BUY. The stock has the fastest volume growth in our Indonesian coal universe over three years.

Lippo Karawaci (LPKR IJ) – in line. - reported Net Profit of Rp136bn in 1Q11, +20% YoY, -23% QoQ due to an extraordinary gain booked in 4Q10. Recurring income still constitutes a strong 53% of total revenue for the quarter, and grew by 20%. Revenue for property development rose 32% YoY, with hospital revenue rose 17% YoY:
Full 1Q result is not out yet, hence we can't provide more details. But, 1Q11 Net Profit came at 21% of our FY11 forecast and 22% of consensus. Revenue in 1Q10 was down 2% QoQ, +25% YoY, at 24% of our FY11 forecast. Pls see file for more details.
BP Plantation (BWPT IJ) – in line . NP grew 90% YoY, but came in at 19% of consensus FY11 forecast. 1Q11 production +51% YoY, ASP +21% YoY (but 5% lower than AALI due to sales timing). Net gearing increased to 69% making BWPT the most leveraged planter under coverage. Valuation looks rich relative to peers: BWPT is trading on 15.8x consensus '11 earnings, vs 12.2x for Indo peers. See file for details.

Bank Rakyat (BBRI IJ): 1Q11 net 3.26tr, +51.6%YoY and 25.7% of FY11FC. Very strong numbers, analyst waiting for details during conference call this morning.

Indofood (INDF/ICBP): 1Q11 net numbers out and quite good. That will help sentiment as they are planning to list subsdiary Ivomas soon.

Bank Tabungan (BBTN IJ): 1Q11 net IDR 245bn +2%YoY and 22% of FY11. In line, but on low side.

Bank Bukopin (BBKP IJ) net profit of Rp156bn (+46% YoY), 26% of consensus. Total equity reached Rp3.9tn, up 50% YoY as new capital raised from rights issue kicked in. LDR sunk to 58.6% as deposit grew much faster than loan (32% vs 7% YoY). Lower loan has also inflated the NPL ratio to 3.7% (+70bps YoY) though nominal NPL has decreased to Rp921bn (-5.73% QoQ).

Kalbe Farma (KLBF IJ). Total revenues grew by 8% YoY, making up 20% of our FY number and consensus. Gross profit grew by 11% YoY with gross margins expanding from 50% to 52% in 1Q11. Operating profit grew by 8% YoY, making up 21% of our forecast and 20% of consensus numbers. See file for details.

Media Nusantara (MNCN IJ) - in line. We're continuing to see strong advertising growth this year. Advertising revenues grew by 29% YoY in 1Q11. YTD the company has increased its rate card by 20%. Overall revenues grew by 15% YoY diluted by its other businesses including print, radio, content, and VAS. EBITDA grew by 25% YoY as EBITDA margin expands from 32% to 35% in 1Q11. This is due to an increased portion of in-house produced contents. Net income grew by 27% YoY, making up 25% of our numbers.